The oil marketing companies (OMCs) kept fuel prices unchanged on Thursday after increasing them on Wednesday.
Accordingly, the price of petrol and diesel was static at Rs 96.66 and Rs 87.41 per litre in the national capital, as per Indian Oil Corporation, the country's largest fuel retailer. In Mumbai, the petrol price was unchanged at Rs 102.82 per litre on Thursday. The cost of diesel was stable at Rs 94.84 a litre.
The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) on a daily basis and any revision is implemented from 6 am in the morning.
The fuel prices vary from state to state in the country due to the value-added tax or VAT.
On the global front, crude oil prices fell on Thursday pressured by a stronger US dollar, but losses were limited by a big drop in crude oil inventories in the United States, the world’s top oil consumer, according to news agency Reuters.
Brent crude oil futures dropped by 74 cents, or 1 percent, to $73.65 a barrel by 0103 GMT after reaching its highest since April 2019 in the previous session, Reuters said.